President William Ruto signs into law the Division of Revenue Bill, 2023.
PCS
The County Equitable Share has increased by Ksh 15.4 Billion.
This means that Counties will receive Ksh 385.4 Billion in the 2023/2024 financial year as compared to the current’s Ksh 370 Billion.
The new figure is equivalent to 23pc of the accounts of revenue for 2019/2020 — the most recent audited approved by the National Assembly.
The move follows assenting to the Division of Revenue Bill (National Assembly Bill No. 9 of 2023) by President William Ruto.
To reduce development imbalances in the country, the Equalization Fund was allocated Ksh 8.3 Billion.
This is an increase of Ksh 1.2 Billion from the current financial year’s allocation of Ksh 7.1 Billion.
In the new development, the devolved units will also be allocated a further Ksh 11.1 Billion as additional allocations from the National Government share of revenue.
Moreover, they will receive Ksh 33.2 Billion as additional allocations from proceeds of loans and grants.
Thursday’s enactment at State House paves the way for the preparation of the annual expenditure estimates for the 2023/2024 financial year.
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